CBS, Viacom, Redstone discussed on P&L With Pimm Fox and Lisa Abramowicz

Automatic TRANSCRIPT

Be targeting younger demos in the younger demos or spending less and less time with television number one and number two the the film studio the paramount film studios really been an underperforming so if you're cbs shareholder you say gee my cbs stories working pretty well the cbs networks doing well the showtime networks doing well and i'm pretty happy with my cbs investment i don't want to see cbs by viacom because i just don't think they're a great company and i think they're gonna be dilutive to my growth rate going forward so i think most investors and i think less of was saying listen if you're going to force us to merge with viacom has to be on our terms at cbs our financial terms we want to we don't want to dilute our shareholders and more most importantly it has to be on our management terms we went our management team to run the combined company and that management issue is really the stumbling block here paul maybe just outlined what was cbs trying to do tactically i think well cbs was trying to invoke a part of their bylaws which is very unique to their bylaws which allows them to convene a special meeting today of the board and to declare a one time stock dividend which would dilute the ownership the voting ownership of an ai from about eighty percent down to seventeen percent effectively negating the control that share redstone would have and that's what got blocked you know when you came in here you said that sherry redstone in less moon vast could never work together again period the end so even if there's some kind of win on this appeal you know unless they actually can strip control from sherry redstone les moonves is out i think so i think the i don't see a scenario here where this management team at cbs this board at cbs can ever come back and work with sherry redstone a national amusements i just think the you know the the the trust the relationships have probably been ero irrevocably.

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